[SOLUTION] Please describe your proposed solution.
Staking Baskets are a groundbreaking new innovation and schematic for furthering decentralization on the Cardano blockchain. Developed by Mlabs, a renowned specialist in Haskell and Rust, Staking Baskets are a smart contract system that allows users to delegate their ADA to a large number of stake pools in a user-friendly way. User will also be able to create their own Staking Baskets with their own list of stake pools.
Staking Baskets are a smart contract on the Cardano blockchain that takes the user’s ADA and delegates it across multiple pools in the ecosystem. For depositing the ADA, users will receive basket tokens that can be used to withdraw their initial ADA deposit + their rewards. These basket tokens are liquid and can be sent to other wallets. They can also be swapped on a DEX, given that there’s a liquidity pool. Diffusion, our first Staking Basket has been built and is now in the later stages of testing and integrating without our front end.
This proposal will see the development for a Staking Basket explorer, this explorer will allow you to see the different Staking Portfolios created by the community. Within this explorer users will also have the ability to create their own Staking Basket with their own list of stakepools.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
Staking baskets are a groundbreaking development that will facilitate delegation spreading further into the far corners of the Cardano stake pool network. Small pools are shutting down at an alarming rate, unable to survive by attracting the attention of delegators. Staking baskets provides an opportunity for users to allocate a portion of their ada to a large basket of pools. Users can create their own Baskets, and share them with their community.
This provides a valuable framework for pool operators to share resources and collaborate, using the basket as a unifying rally call for delegation. Staking Baskets aren’t designed to replace staking, instead as a tool to help boost the network, and ensure our valued small pool operators can not just survive, but thrive, and afford to allocate more time and resources towards developing on the Cardano ecosystem. The tooling proposed here will allow pools to interact with the smart contract, build their baskets easily and display their creation for all to see and engage with. Users will be able to see a Staking Basket explorer to choose the way that they want to decentralize Cardano.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
The Atrium team have spent significant time and resources on building the foundation for a thriving ecosystem that will sit at the heart of Cardano. As a team, we have consistently delivered on everything we have promised and have a track record of building high quality products, both individually and collectively.
We have already finished the underlying smart-contract and currently have a Basket running on Cardano's preview network with 35 million ADA staked to 50 different stakepools.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
In this milestone we’ll submit the design for the Staking Basket explorer, and the design for the page that allows users to create their own Basket.
>In this milestone we’ll submit a video of a user creating a basket through an un-stylized front-end interface on Cardano’s preview network.
>In this Milestone we’ll show the user created Basket we submitted in the last milestone showing in the explorer.
>In this final milestone we’ll show users creating a Staking Basket through a stylized front-end, and then we’ll deposit into that Staking Basket on the Atrium front-end interface on Cardano’s preview network.
We'll also show Staking Baskets in an explorer. These Baskets will have real data associated with them. They will be live on preview network for anyone to try. We'll submit a video that goes through the two Baskets, their data and we'll deposit ADA into both Baskets in the Basket explorer.
[RESOURCES] Who is in the project team and what are their roles?
Peyton: Âtrium Lab - Co-founder
Ben: Âtrium Lab - Co-founder and Creative Director
Brian: Âtrium Lab - Lead Developer
Nick: Âtrium Lab - Backend developer
Angelo: Âtrium Lab - Full Stack Developer
Cheyenne: Âtrium Lab - Community management
MLabs - Smart Contract developer
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
25k ADA - create your own Basket, and Basket explorer page design for front-end integration
50k ADA - create your own Basket, and Basket explorer front-end prototype
100k ADA - create your own Basket, and Basket explorer backend with API endpoints for other applications to call for basket data
75k ADA - create your own Basket, and Basket explorer Contract integration with front-end & backend
50k ADA - Extensive testing on Cardano's preview network with real users on our dashboard with Staking Basket integration.
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The Staking Basket ecosystem will be valuable for Cardano as a network, and for its stake pool operators as it allows anyone to create a Basket that delegates to multiple stakepools and at the same time to earn Cardano Native tokens, on top of their ADA staking rewards. For example, a user could create a Basket that delegates to 20 stakepools that develop Cardano tooling, or create another basket that focuses on charity pools. With our interface, the process will be seamless and allow users to create and display their basket, sharing it with the world.
